- Prior was 49.2
- Output and new orders both rose
- Companies reported that market demand was improving
- Employment growth was modest
- Input prices rose but at the slowest pace in the past two years
Are we on the upswing?
Commenting on the latest survey results, Paul Smith, Economics Director at S&P Global Market Intelligence said: “The Canadian manufacturing economy began 2023 on a firmer footing than at the end of last year, registering some welcome, albeit modest, growth in both output and new orders. Anecdotal evidence also pointed to some stabilisation in input and staff supply. The emerging dissipation of these factors are heartening given the way they have hobbled manufacturing sector performance at various points since the start of the pandemic. “Also welcome is the reduction in inflationary pressures and gives additional hope of firmer sector recovery in the months ahead. However, we must remember that growth is modest, and fears of the negative impacts on output of recession persist. For these reasons, confidence overall remains below par and firms retain a cautionary approach to their purchasing activities.”